Shanghai to step up pace of SOE reforms

A Greenland Group stand at a property expo in Shanghai. Municipal government officials in Shanghai have expressed their determination to speed up the ongoing reform of State-owned enterprises by helping a number of SOE groups go public this year. Greenland Group, Shanghai Urban Construction Group and Shanghai Xian Dai Architectural Design Co Ltd finished overall listing while Shanghai Huayi Company and Lingang Group saw their core assets go public last year. A total of six State-owned financial enterprises went public last year, which means that 71 percent of Shanghai's State-owned financial assets have finished capitalization. On Jan 22, the company suspended trading and announced that the State-owned Assets Supervision and Administration Commission of Shanghai Pudong New Area People's Government is planning important matters related to the company.